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FD Calculator

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%
Invested amount₹ 1,00,000
Estimated returns₹ 32,500
Total value₹ 1,32,500
Invested amountTotal returns

Fixed Deposits (FDs) are a long-term investment tool that helps investors save money for the long term. With FDs, investors can choose a fixed tenure for which the deposit will be kept with the bank. FDs offer high-interest rates as compared to bank savings accounts.

How Does Our FD Calculator Work?

Our FD calculator works on the below formula.

FV = P * R * (Maturity Date - Today - 1) / 365

Where,

FV is the amount you get a maturity
P is the amount you invested through FD
R is the expected rate of return
Today is the day in which the investor uses the calculator

Annual (Simple Interest) Fixed Deposit Account

Let's say you take an Fixed Deposit of ₹1,00,000 for 5 years in a simple interest FD account at an interest rate of 7% per annum. At the end of every years for a period of 5 years, the interest will come out to be ₹7,000. Hence, you will get a total interest of ₹35,000 across five years less any applicable taxes.

Cumulative (Compound Interest) Fixed Deposit Account

In this process, interest is calculated on the principal amount and interest earned in the previous year. It is considered better than Annual Fixed Deposits as it gives more returns.

Let us take the same above example and calculate the compound interest on it. This is the formula for compound interest:

FV = P (1 + R / Y)^(Y x t)

Where,

FV is the amount you get a maturity
P is the amount you invested through FD
R is the expected rate of return
Y is the investment duration in years

Annual (Simple Interest) Payment Option

Mr. Eddy puts ₹10 lakhs in Fixed Deposit for 3 years. He will be earning an interest rate of 6.90% per annum. When we used the simple interest formula for the calculation, we get the monthly interest amount, as well as, the maturity amount. According to our calculator, the total interest amount will be ₹2,07,000 and you will receive annual interest payments. In this example, we haven't included TDS (tax deducted at source) as per applicable laws.

Cumulative (Compound Interest) Payment Option

Mr. Harry has put ₹10 lakhs in FD at 6.90% per annum for 3 years. Under this scheme, the interest payment is calculated on a compounding basis. Here, Harry will get an interest amount of ₹2,21,611 and a maturity value of ₹12,21,611.

How To Use Koshex FD Calculator?

This calculator will help investors know the expected amount in advance and before making the investment. You can calculate the return and interest in your fixed deposit on the maturity of the fixed deposit with our FD calculator.

Benefits Of Using Koshex's FD Calculator

Some of the advantages of Koshex's FD calculator are as below:

  • The calculator uses minimal effort
  • It saves time as you can get the result in seconds
  • The calculator is accurate, so you will get error-free results
  • You will be able to plan your finances better with our calculator

FD Calculator - FAQs

What is the minimum deposit amount required to open an FD account?
You need a minimum amount of ₹1000 to open an FD account. It may differ from one bank to another.
What are the minimum and maximum tenure of investment in FD?
You can choose to put your money in FD from 7 days to 10 years.
Can I withdraw my FD at any time?
Yes. You can withdraw your FD at any time unless your bank has a lock-in period. If you break your FD before the lock-in period, you will get a lower rate of interest and a penalty will be charged by your bank.
Can I break my 5-year tax-saver FD?
A 5-year tax-saver FD can not be broken before its tenure of 5 years is completed.
Do I have to pay taxes on my FDs?
Yes. But you can get tax exemptions if you choose tax-saving fixed deposits. You can claim a deduction of up to ₹1.5 lakh under section 80C of the Indian Income Tax Act, 1961.
What will happen to my FD after it has matured?
When you open an FD account, you can mention that after maturity, the amount can be transferred to your savings account. You can also mention that the amount should be renewed after maturity.
What is a loan against an FD facility?
This facility will help you to avail an easy loan against your fixed deposit. There is no processing fee on your loan against a fixed deposit.
What is the maximum loan amount you can borrow against the FD facility?
You can get a loan up to 75% of the deposited amount in a cumulative FD and 60% of the deposited amount in a non-cumulative FD.
What will be the rate of interest on my loan against a fixed deposit?
The rate of interest on your loan against a fixed deposit is 2% more than the current FD interest rates.